Mumbai-based Elchemy, kitchen appliance startup Beyond Appliances, and biomaterials startup Ukhi raised early-stage funding from venture capital firms Prime Venture Partners, Fireside Ventures, and 100 Unicorns, respectively, the companies said on Monday.
Specialty chemical distribution platform Elchemy has closed its Series A funding, pocketing $5.6 million (Rs 47.2 crore) in a round led by early-stage VC firm Prime Venture Partners and existing investor Info Edge Ventures.
The round comes nearly two years after the company raised $2 million in seed funding from Info Edge.
Elchemy said it aims to use the funds raised to expand its presence in North America by establishing a dedicated team in the US. It also intends to bolster its technology stack to include enhanced quality management systems, real-time tracking capabilities, and invest in supply side solutions.
The Mumbai-based startup was founded in 2021 by IIT alumni Hardik Seth and Shobhit Jain. The company claims to serve over 80 clients globally and has a strong presence in North America.
Its platform has facilitated specialty chemical exports to more than 50 ports globally by helping international buyers discover and source specialty chemicals from India and Southeast Asia.
Kitchen appliance startup Beyond Appliances has secured $2 million in a seed round led by Fireside Ventures.
Fireside, which invested from its third VC fund, was joined by Dharana Capital. A few angel investors also pitched in. They included Design Cafe founder Shezan Bhojani, Livspace co-founders Saurabh Jain and Ramakant Sharma, and Chandru Kalro, former CEO of TTK Prestige.
The Bengaluru-based company said it plans to use the capital raised to develop its technology and manufacturing capabilities to produce smart kitchen appliances.
It was founded by Eshwar K Vikas and Rakesh Patil this year. The company’s products include an Android-powered chimney featuring a seven-inch display that doubles as a kitchen management system.
Dexter Capital acted as the financial advisor in the transaction.
Biomaterials startup Ukhi has raised $1.2 million in equity and debt in a pre-seed investment round led by 100 Unicorns.
The funding round for the Delhi-based company, which develops biodegradable and compostable materials, also saw participation by startup accelerator Venture Catalysts and angel investor Avtar Monga, while the debt portion was led by Small Industries Development Bank of India (SIDBI).
The startup says it is developing sustainable materials using the help of complex polymers found in cell walls of plants and algae called lignocellulosic residues to replace traditional plastics-based packaging.
"The funding will enable Ukhi to scale its production, expand its material research for sustainable products, and further develop its sustainable solutions for the packaging industry," the company said in a statement
It was founded by Sundeep Tyagi, Priyanka Chauhan, and Vishal Vivek, who have backgrounds in material science, industrial manufacturing, and sustainability.
